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2022-05-04

MABUX: Downward trend to prevail in Global bunker market on May 04.

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) turned again into moderate upward evolution as of May 03:

380 HSFO - USD/MT – 743.45 (+9.68)

VLSFO - USD/MT – 942.84 (+10.82)

MGO - USD/MT – 1 276.30 (+27.13)

The correlation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker price benchmark) on May 03 remained mostly in the overcharge area in selected ports. In particular, 380 HSFO fuel was overpriced in all ports: Rotterdam - plus $34 (plus $9 the day before), Singapore - plus $137 (plus $115), Fujairah - plus $122 (plus $86) and Houston - plus $ 97 (plus $95). All ports saw moderate growth in the MABUX MBP/DBP Index (MDI). The most significant change was the increase in overcharge premium at the Port of Fujairah by 36 points.

In the VLSFO segment, MDI index also registered overpricing on May 03 in all four selected ports. Rotterdam - plus $80 (versus plus $56 the day before), Singapore - plus $55 (plus $31), Fujairah - plus 65 (plus $34) and Houston - plus $43 (plus $51). MDI did not have any firm trend in the VLSFO segment: in Rotterdam, Singapore and Fujairah, overcharge margins increased, while in Houston - dropped.

In the MGO LS segment, MDI index registered on May 03 a fuel undrepricing in one of the four selected ports: Singapore - minus $61 (vs. minus $72 a day earlier). In other ports, the MDI index showed an overcharge: Rotterdam - plus $ 80 (plus $ 67), in Fujairah - plus $ 21 (plus $ 30) and in Houston - plus $ 100 (plus $ 173). Here, the MDI index also did not have a firm dynamics: in Singapore, the underestimation margin decreased, in Rotterdam, the overestimation decreased, and in Fujairah and Houston it grew. The most significant was the overcharge reduction in Houston by 73 points at once.

We expect bunker prices will trend lower today: 380 HSFO - minus 10-15 USD / MT, VLSFO - minus 15-20 USD / MT, MGO LS - minus 10-40 USD/MT.

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